Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Reconciliation of Net Income and Weighted Average Shares Outstanding Used in Computing Basic and Diluted Net Income Per Common Share

The following table sets forth a reconciliation of net income and weighted average shares outstanding used in computing basic and diluted net income per common share:


		Three Months Ended March 31,
		2026		2025
	(In millions, except per share amounts)
Net income (loss) attributable to Targa Resources Corp.		$	479.6	$	270.5
Less: Premium on repurchase of noncontrolling interests, net of tax (1)			—		70.5
Net income (loss) attributable to common shareholders			479.6		200.0
Less: Participating share-based earnings (2)			2.5		1.2
Net income (loss) allocated to common shareholders for basic earnings per share		$	477.1	$	198.8

Weighted average shares outstanding - basic			214.8		217.9
Dilutive effect of unvested restricted stock awards			0.7		0.8
Weighted average shares outstanding - diluted			215.5		218.7

Net income (loss) available per common share - basic		$	2.22	$	0.91
Net income (loss) available per common share - diluted		$	2.21	$	0.91

(1)

Represents premium paid on the Badlands Transaction. See “Note 4 – Acquisitions and Joint Ventures.”

(2)

Represents the distributed and undistributed earnings of the Company attributable to the participating securities. The dilutive effect of the reallocation of participating securities to diluted net income attributable to common shareholders was immaterial.

Summary of Potential Common Stock Equivalents Excluded from Determination of Diluted Earnings Per Share

The following potential common stock equivalents are excluded from the determination of diluted earnings per share because the inclusion of such shares would have been anti-dilutive (in millions on a weighted-average basis):


	Three Months Ended March 31,
	2026		2025
Unvested restricted stock awards		0.8		1.1